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Part VIII: The External Sector
MEMBERSHIP
The founding members of the IMF were the 29 nations whose gov-
ernments had ratifi ed the Articles of Agreement by 27 December,
1945. Any other state, whether or not a member of the UN, could
become a member of the IMF as per the terms approved by the Board
of Governors. The IMF had 186 members as on 29 June, 2009, the
last entrant being Kosovo. Membership in the IMF is a precondition
to membership in the IBRD. Membership requires acceptance by a
majority of existing members. A member is assigned a quota based
broadly on its relative size in the world economy. Full subscrip-
tion has to be paid on joining. The voting power of a member is
based on country’s quota. Every IMF member has 250 basic ...